Stocks Pause for Thanksgiving as Oil Slides, Retailers Brace for Weak Holiday Shopping Amid Economic Concerns and AI Risk Debate
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U.S. stock markets will be closed Thursday for Thanksgiving after posting gains on Wednesday; traders seem hopeful the Fed may be done with interest rate hikes.
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Oil prices extended losses after OPEC+ unexpectedly delayed a meeting where output cuts were expected to be discussed, creating uncertainty.
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U.S. retailers are preparing for Black Friday but expect holiday sales growth to slow to the weakest pace in 5 years due to inflation and other economic headwinds.
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Prior to his temporary ouster last week, OpenAI CEO Sam Altman received a letter from researchers warning about risks posed by a powerful new AI discovery, per Reuters.
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Chinese wealth manager Zhongzhi Enterprise Group revealed it has a liquidity gap of $30-35 billion, with total liabilities of up to $65 billion and assets around $30 billion.